DASH Technical Analysis: A Fall To $70 Is Real
However, the trading week on 2 May showed complete weakness of buyers. Sellers in early May without the use of force (increased volumes) managed to easily push the price below $87. So far, the DASH price is below this mark. Our main scenario - the DASH continues to fall to $70. At this point, the lower trend line of the falling wedge and the important liquid zone intersect. It was after fixing above the $70 liquidity zone in November 2020 that buyers began their final growth wave with the final target of $478.
Technical Analysis Of DASH On The Daily Timeframe
The daily timeframe of the DASH cryptocurrency also shouts about the weakness of buyers. It is on the daily timeframe that you can see the total weakness of buyers in the range of $87. Sellers are not that they were able to push the price lower without much effort. The efforts of sellers in the liquidity zone were even less than usual. It seems that the buyers deliberately canceled the limit orders and allowed sellers to enter their territory. Such movements very often end in a sharp reversal of the price, after the total exhaustion of the initiative party.
Looking at the aggression of sellers during the local fall wave on 14 April, we think that the mark of $70 may be the turning point of the global downward trend of May 2021. Therefore, for successful medium-term trading will be necessary to place limit orders in the range of $60-$70. This will allow you to catch a price rebound with the first target of $115 and the final one $160. We do not yet believe that the DASH price falls below the liquidity range of $70.
DASHBTC Price Movement
The beginning of the formation of the downward trend on the DASHBTC chart began even earlier - in February 2017. Though, in the last period from May 2021, the dynamics of the fall has fallen significantly. The DASHBTC price is moving near the midline of the fall channel and is trying to fix below the range of 0.00265. This range kept the price of DASHBTC from December 2020. To change the situation in the DASHBTC market, buyers should not allow the price to continue to fall below the range of 0.00265. On the contrary, only the activation of buyers and the price increase to 0.0037 will show the willingness of buyers to act. Otherwise, we will continue to see a slow DASH price fall without volumes.